MUMBAI (Commodity Online): Gold futures in the domestic exchange witnessed a decline Friday in tandem with weak global market sentiments driven by strength in the US dollar.

MCX April gold slipped to as low as Rs 16714 per 10 grams. The day traders may sell the counter on rallies with target of Rs 16640 and stop loss of Rs 16780.

Most active April futures on COMEX are trading down nearly $3 at $ 1124.6 per ounce. It may find supports near $ 1117 levels. There are no major data releases from US and Europe today and hence the currency pair is expected to trade in a tight range.

Trade sitting at the comfort of home. Start with a mere 50$

Gold is $3 down to $1,124.60/oz in Asia and may trade sideways during the day on lack of any significant economic cues. Germany releases its producers' price index for February month which shows a moderate rise as compared to prior number.

This may not have significant impact on the markets. We can expect week-end profit taking may instigate some buying at lower levels. MCX Gold futures are expected to open flat.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook